NNPC records 92% increase in sales of petroleum products in October

The Nigerian National Petroleum Corporation (NNPC) has announced that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded a total of ₦158.04 billion from the sales of white products in the month of October 2020.

The Corporation disclosed this on its October Monthly and Financial Operation Report (MFOR) in Abuja, on Thursday.

It said the amount represented 92 per cent increase over the ₦80.15 billion sales in September 2020.

The report indicated that total revenues generated from the sales of white products for the period October 2019 to October 2020 stood at ₦1.95 trillion, with Premium Motor Spirit (PMS) accounting for about 99.07 per cent of the total sales with a value of over ₦1. 9trillion.

In terms of volume, the October 2020 sales figure translates to a total of 1.224.54 billion litres of white products sold and distributed by PPMC within the period compared with 603.39 million litres in the month of September 2020.

This, it said, comprised 1.224.20 billion litres of PMS, 0.31 million litres of Automotive Gas Oil (AGO) also known as diesel and 0.033 million litres of Dual Purpose Kerosene (DPK).

“Total sales of white products for the period October 2019 to October 2020 stood at 16.462.50 billion litres and PMS accounted for 16.344.36 billion litres or 99.28 per cent,’’ it said.

On pipeline vandalism, it noted that 23 pipeline points were vandalised in the month under review, representing about 10 per cent increase from the 21 points recorded in September 2020.

“Of this figure, Mosimi area accounted for 83% of the vandalised points, while Port Harcourt Area accounted for the remaining 17 per cent,’’ it said.

In the Gas Sector, the report revealed that a total of 214.07 billion Cubic Feet (bcf) of natural gas was produced in the month October 2020, translating to an average daily production of 6,908.34 Million Standard Cubic Feet per Day (mmscfd).

It noted that the daily average natural gas supply to power plants increased by 8.60 per cent to 745mmscfd, equivalent to power generation of 2,801 Megawatts.

“For the period of October 2019 to October 2020, a total of 3,018 BCF of gas was produced, representing an average daily production of 7,658.88 mmscfd during the period,’’ it said .

The MFOR also indicates that period-to-date gas production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 68.18 per cent , 20.12 per cent and 11.70 per cent respectively to the total national gas production.

It adds that in terms of natural gas off take, commercialisation and utilisation, out of the 208.96 BCF of gas supplied in October 2020, a total of 118.40 BCF of gas was commercialised, consisting of 38.07 BCF and 88.90 BCF for the domestic and export market respectively.

This, it said, translated to a total supply of 1,269.03mmscfd of gas to the domestic market and 2,870.57mmscfd of gas supplied to the export market for the month.